i'd buy stuff, spacifically an old 1967 pontiac GTO and rebuild the engine for racing, that and a nice house. whatever is left if any would be invested.
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i'd buy stuff, spacifically an old 1967 pontiac GTO and rebuild the engine for racing, that and a nice house. whatever is left if any would be invested.
I would travel for a long long time all by myself. Then I would come back and run around the US until all the money ran out. Then I would go back to life.
i would end up loaning about half of it to my friends and never see it again (hell, i know ive lost half my money this way already)
then i would put it someplace i couldnt touch it and forget about it for 50 years, while im poor in college and eating cat food and ramen noodles (basically the same thing)
OR
blow it in Vegas, in about 20 minutes.... ahh... memories...
Step 1 - Max out a GIC @ $50,000 on a 1 year term. Do this once a month for a total of one year, resulting in twelve individual renewable GICs maturing one per each month on an indefinate rotating cycle. Choose a bank that has the best average rate over the past 5 years and stick with it for easier management.
Step 2 - Now you have $400,000 left, max out 2 or 3 RRSPs. Rates and maximums may vary as per state/province. The money you contribute to an RRSP is non-taxable until you take it out, so get the most you can out of them, hence more than one.
Step 3 - Pay off your bills. You're in debt? Take as big a chunk out of it as you can.
Step 4 - If you still have any money left at this point, for the love of indulgence, throw a party. You just made some of the most sound and solid financial moves any man or woman could make with a million dollars so go celebrate. Just remember to stay out of debt, you just got out of it.
Step 5 - Go back to work. It keeps you active and helps your ever developing character, both essential conductors for a long and fulfilling life. It also more often than not gives you access to medical and dental benefits, as well as it's own pension plan (gravy on top of all your hard investments).
Now, looking at this plan, your average return rate on a GIC is 3% to 5%. @ $50,000 in each, one maturing each month, that's $1,500 to $3,000 in interest a month for the rest of your life, and the $50,000 will always be there. If you lose your job, you're covered, you should always have enough to pay your regular bills from this such as property and school taxes, hydro/gas electric, food, ect. If you still have your job even better, you use the interest to continue maxing your RRSPs for the year. If you didn't have enough to get out of debt, or you accumulate new debt, use this money to pay those bills, then go back to maxing out your RRSPs so that the interest doesn't get taxed. If and/or when those RRSPs are all maxed out, you're still in the work force so spend a little! You work hard, you deserve it.
Step 6 - Retirement. Following this plan you can easily own your own house and car within your third or fourth year (if you didn't already) and start looking at retirement around your tenth year. All your GICs and RRSPs (assuming you planned this well and set the proper maturity date on those) will now begin to flow right into your bank account, meaning it's taxable, but face it, you have just the basic bills and probably close to $10,000 - $15,000 (or more if you play it right) per month coming in pre-tax. You can afford to pay it and it's good for your country.
Some people seem to think $1,000,000 isn't much in the long term, but as you can see here it would be all the financial security in the world to me ;).
SOMEBODY GIMME A MILLION BUCKS KTHX!
I can honestly say that ichy has exploderised my brain.
Use it to build my future. *boring*